MIAMI—Another residential real estate development is set to rise in Edgewater, one of Miami's hottest emerging markets. Spider is ready to go to the Miami Design Board for review of its project just three weeks after closing on a four-acre land assemblage here.
The Edgewater site is located at 113 and 123 NE 25th Street in Miami. The proposed boutique residential tower may get approval in record timing with Spider's unique model, which starts the arduous, creative process of conceptualizing and designing its residential project well in advance of closing on the land.
“The biorhythm of investment has changed and the real estate industry needs to adapt by applying metrics to projects that appeal to today's investor seeking speed to market, and return on investment,” says Andres Goldenberg, chairman of Spider. He goes on to describe the company's due diligence process for land acquisitions, which works simultaneous with activities its task force performs in advance of deals closing, “significantly reducing the timeline for a project from start to finish.”
Zoned for T-6-8 capability for a residential project with over 90 units up to 12 floors, Spider is ready to bring its core elements of music, art, sports, and quality of life to the burgeoning corridor. At the same time, Spider is readying to develop a 28-story boutique condo building dubbed “Spark” at 522 NE 34 Street. Spider has inked land transactions in Miami-Dade valued at $30 million and spanning more than 147,000 square feet, including the recent purchase of 4 land parcels totaling 22,000 square feet at 8011-8035 Harding Avenue in North Beach.
"Our company's impressive growth stems from our ability to strategically serve various sectors congruently from our integrated real estate platform,” Goldenberg tells GlobSt.com. “The resulting speed to market enables us to attract investors who are seeking maximum return with a reduced project timeline. Additionally, we are developing projects that will have high impact to the owners of and communities in which they are built.”
East Edgewater is seeing plenty of traction. A penthouse at the 52-story ultra-luxury waterfront tower Biscayne Beach just sold for $8.6 million. Another project, 26 Edgewater, is also rising from the dirt, among many others.
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